AML/CTF Tranche 2 reforms for law
Understanding AML/CTF Rules 2025
The AML/CTF Act 2006 has been updated along with the AML/CTF Rules 2025 and accompanying Explanatory Statement. The Rules alone run to 120+ pages of legalese, obligations, definitions and reporting detail. First AML's compliance team has done the heavy lifting: translated it into plain-English, added real-world examples and highlighted what matters for the legal sector.
Start here.
Make sense of AML/CTF Rules 2025, and learn what reporting groups mean for law firms.
AML/CTF Rules 2025: A plain-English overview for busy professionals
Making sense of Australia's AML/CTF Rules for Tranche 2 entities.
Layman's guide to Part 2: Reporting groups
Understand business groups, elected reporting groups, lead entity requirements and compliance obligations
Reporting groups for law firms
Learn what law firms need to do to be compliant with Part 2: Reporting groups of the AML/CTF Rules 2025.
Next.
Find out how to enrol with AUSTRAC and set up an AML/CTF compliance program for your firm.
Layman's guide to Part 3: Enrolment
Understand what service, business, group, and financial details you need to provide and how to keep your information up to date.
Enrolment for law firms
Learn how law firms can enrol with AUSTRAC and what it involves, key deadlines, and how to prepare smoothly.
Layman's guide to Part 5: AML/CTF programs
This part explains how to build a compliant program, covering risk assessments, CDD, PEP approvals, audits, reporting, and record-keeping.
AML/CTF programs for law firms
Learn the core requirements of AML/CTF programs for law firms, and what to prepare for 2026.
Finally.
Understand Customer Due Diligence requirements for law firms and the reporting obligations that apply.
Layman's guide to Part 6: Customer Due Diligence
Learn what customer due diligence means, from ID checks and beneficial ownership to ongoing monitoring, enhanced checks, and record-keeping.
Customer due diligence for law firms
This guide explains what the CDD requirements mean and how it works in practice for law firms
Layman's guide to Part 9: Reporting
Understand AUSTRAC's reporting rules: when to file Suspicious Matter Reports (SMRs), Threshold Transaction Reports (TTRs), and annual AML/CTF compliance reports.
Reporting for law firms
Australian law firms must lodge SMRs, TTRs in certain situations, and an annual AML/CTF compliance reports with AUSTRAC. Here's what you need to do and when.
Tranche 2 guidance
Once your business is registered, you are a "reporting entity" and need to keep up with your obligations under the Act. These quick guides aim to help you fulfil your compliance obligations.
Helpful links
AML/CTF bill and rules
- Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) Rules 2025
- Anti-Money Laundering and Counter-Terrorism Financing Act 2006
- Anti-Money Laundering and Counter-Terrorism Financing Amendment Bill 2024
- The Senate Legal and Constitutional Affairs Legislation Committee Report - AML/CTF Amendment Bill 2024
- Exposure Draft on the Anti-Money Laundering and Counter-Terrorism Financing Rules
- Consultation into the Anti-Money Laundering and Counter-Terrorism Financing Rules
FATF guidance
Get the tools, templates and expert advice you need for Tranche 2.
- Expert-led webinars with practical advice
- Ready-to-use templates, guides and tools
- Real-world insights from compliance officers in New Zealand and the UK
- Common pitfalls (“war stories and gotchas”) to avoid costly mistakes